Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) reported that the suspension of ongoing field work at Kutessay II has expired.
As quoted in the press release:
Temir Sariev, the Economic Minister of Kyrgyzstan, further outlined some of the challenges facing the sector and solutions that needed to be implemented to secure future investment, “Our State does not have the necessary financial and technical resources for the development of deposits and we have, so far, no such specialists. Development of the mining industry of our country at this stage is only possible by attracting investment. And the investors will come to our country, when they will be confident in the safety of their financial investments.” He went on further to state, “We need to have as many enterprises in development, which will eventually reduce the influence of the Kumtor project on our economy. The Government knows about the problems of the mining industry and is already taking specific steps and will continue to consistently and systematically work in this direction.”
The new administration of the State Geological Agency, now led by Mr. I. Chunuev, has the mandate to implement these reforms under the new mining laws dated September 17th, 2012. These improvements adhere to the mutual vision of both the President and the new Prime Minister of Kyrgyzstan. Under the country’s new Mining Act, there is no mention of any mandatory gratuitous transfer of ownership to the State Property Fund, or any other public administration. Stans Energy is still open, and ready to negotiate deal with the government in order to help Kutessay II into early production.
Stans Energy President and CEO Robert Mackay said:
Based on various meetings over the past two weeks, I am encouraged to see that Kyrgyzstan is steadily improving its democratic systems, especially in regards to its methods of dealing with foreign investors. The most important aspect of any parliamentary democracy is the rule of law. Stans Energy has, and always will, meticulously conduct the company’s business in such a manner that undeniably satisfies the rule of law within each jurisdiction that it operates.